Sources: The Knicks have traded J.R. Smith and Iman Shumpert to the Cleveland Cavaliers in a three-team deal. The Cavaliers are sending Dion Waiters to the Oklahoma City Thunder while the Knicks will receive C Alex Kirk and F Lou Amundson from the Cavs -- and F Lance Thomas from the Thunder. The Cavaliers will also send their 2019 second-round pick to the Knicks, sources say.

The Knicks are expected to waive all three players. With Smith coming off the teams books, the Knicks will gain more than $30 million in cap space next summer.

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